CA multi family low down payment help

[Syman Scarpellino]

(Help with low down on multi family) 

Hey BP, 

you guys are my go to for information and guidance. I’ve gotten myself into a little bit of a bind. 

I am buying a property with hard money for $350,000 (100k down), will require 50-60k in renovations

decided to throw an offer on a multi unit property $70k under asking. $570k to 500k,  my agent told me they were getting desperate. I never thought I’d get an outright agreement at that price. 

But now im facing needing 100k for hard money + 60k Reno and another 100k for the down payment on the multi. I’ve talked to two lenders who quoted Fannie/Freddie guidelines of needing 20% down minimum for a 3 unit. The property is a duplex, 

with a unpermitted 3rd unit with only wood fire to make it more complicated

can anyone suggest how to maneuver this bind I’ve gotten myself into with less capital? I’d love to hear from other investors and LOs